Electric Motor Market Size And Forecast
According to Ozone Market Reports, the global electric motor market was valued at USD 106.02 Billion in 2018 and is projected to reach USD 187.9 Billion by 2026, growing at a CAGR of 7.41% from 2019 to 2026.
The latest survey on Global Electric Motor Market is conducted covering various organizations of the industry from different geographies to come up with a 100+ page report. The study is a perfect mix of qualitative and quantitative information highlighting key market developments, challenges that industry and competition are facing along with gap analysis and new opportunities available and trend in the Electric Motor Market. The report bridges the historical data from 2013 to 2018 and forecasted till 2026. The report aims to present the analysis of Global Electric Motor Market By Procedure, By Gender, By Service Provider, By Region – North America, Europe, South America, Asia-Pacific, Middle East, and Africa. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities.
What is Electric Motor?
Electric motor is a device that converts electrical energy into mechanical energy. Motors work on the principle that a current carrying conductor experiences a force when placed in a magnetic field. The main component of electric motor is stator and rotor. Stator is a stationary part and rotor is rotating part of an electrical machine. Basically, electric motor is of two types AC motor and DC motor. Electric motors are used in a broad range of industrial, commercial and in residential applications such as fans, pumps, compressors, and refrigerators.
Global Electric Motor Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Electric motors are used as central components in heating, ventilating and air conditioning (HVAC) system, electric vehicles, and home appliances. Increasing industrialization and urbanization, rapid technological advancement and increased production of electric vehicles is expected to positively impact the demand for electric motors. The demand for energy efficient electric motors, and customized electric motors by consumers are some of the driving factors that will affect the growth of the market. High maintenance cost of brushed DC motors, and issues associated with the large electric motors hinders the growth of the electric motors market.
Ozone Market Reports narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Electric Motor Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
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